ABS data shows that the Consumer Price Index (CPI) rose 7.4% over the twelve months ending January 2023.
“This is down on the annual figure for the year to December 2022 of 8.4% and below both the Budget forecast and the RBA’s forecast and points to a slowing down in the rate of increase”, said REIA President, Hayden Groves.
“When ABS excludes the volatile items of fruit and vegetables and automotive fuel, the annual increase is 7.2% – down on the twelve months to December figure of 8.1%.
“The monthly figure is down 0.4% on December’s and down 0.1% in seasonally adjusted terms – the first decrease in the seasonally adjusted monthly figure since February 2021.
“The most significant contributors to the annual increase in the January monthly CPI indicator were housing (9.8 %), food and non-alcoholic beverages (8.2 %) and recreation and culture (10.2 %) with the annual increase for the housing group lower than December’s 10.1%.
“Rents continued to rise with a monthly increase of 0.7% and an annual increase of 4.8% compared to the 12 months to December of 4.1%.
